Benzinga | Nov 2, 2021 10:25AM EDT

SG Blocks Decides To Lease Manufacturing Facility In Durant

* SG Blocks Inc (NASDAQ:SGBX) stated that SG ECHO has entered into a lease agreement for an additional manufacturing facility in Durant, Oklahoma, to add two new production lines, expecting to triple its manufacturing capacity.

* The company earlier planned to purchase the property but decided to pivot to a lease arrangement to deploy capital to other business areas.

* The property sits on approximately sixteen acres of land with a 55,000 SF manufacturing facility comprising two full production lines. The company intends to utilize this production space during Q2 of 2022 and manufacture projects for SGB Development Corp. and certain commercial projects.

* SG ECHO plans to hire locally within the Durant area and add 75 additional employees to the Waldron facility in two years.

* Price Action: SGBX shares closed higher by 6.27% at $3.22 on Monday.